LAC offering shares at $9.25
An offering worth almost $105.9 million is being planned by LAC Minerals (TSE). The gold producer said it intends to offer 11 million common shares at $9.25 per share throughout Canada. An underwritin…
News
Muscocho negotiates loan with Ontario government
The Ontario government is offering its support to the Magino gold mine near Wawa, Ont., by lending cash-strapped partners Muscocho Explorations (TSE) and McNellen Resources (TSE) $1 million. Under a t…
A SURVIVOR AND THEN SOME: Macassa is the lone mine in Kirkland
On May 23, 1990, the three millionth ounce of gold from the Macassa mine was poured. Macassa, owned and operated by LAC Minerals Ltd., is located on the outskirts of the town of Kirkland Lake, in Teck…
MINE EXPLORATION
The El Indio complex has reserves that will last for at least another 10 years. At the 3700 level, the deepest mine access, the San Paulo drift is being extended to confirm mineralization and to set u…
PEAK PERFORMER
At the rarefied elevation of 4,000 metres above sea level, you learn to adjust physiologically. You regularly take extra gulps of air to compensate for that occasional, uncomfortable breathless feelin…
RESERVING A FUTURE: LAC has instituted a systematic, three-pronged
LAC’s exploration efforts are divided into three informal components. Two are already functioning and a third only recently was initiated. The first such component has a worldwide mandate for “pure ex…
LAC MINES THE AMERICAS
Modern-day LAC Minerals rests on four pillars — the Doyon mine (featured in the Fall Issue of The Northern Miner Magazine), the Bousquet complex, Bullfrog in Nevada and the El Indio complex in the wi…
LAKEFIELD PASSES THE 50 MARK
Thayer Lindsley had an undisputed talent for finding and developing mines. Patience, however, wasnt one of his strong points. As president of the rapidly expanding Ventures Group in the early 1940s, L…
GROUND CONTROL
Rockbolts are rare at El Indio. You might find them in the service bays, along with screening or shotcreting. But they are not in evidence in the main drifts or in stopes. Only where drifts cross faul…
WORKER PAYRATES
Labor costs run between US$500 to $1,000 per month for unionized workers at El Indio. Workers also benefit from an incentive program, similar to mining bonuses at Canadian operations, and a profit-sha…
ENVIRONMENTAL ASPECT
Arsenic has been the bugbear at El Indio since its inception. Currently, 93% of the arsenic is captured before it goes out the roaster stacks. LAC is working to increase the gas capture to 98%. Accord…
THE CRITICS ARE SILENT: LAC’s innovative hedging is now industry
LAC Minerals was criticized at the turn of the 1980s for “speculating” on the gold price by hedging gold production. For the mining industry back then, this was a true innovation — and heresy. Hedgin…